MTN advanced preparations for an initial public offering (IPO) of its Nigerian business and expects to complete the process in the next six months, CEO Rob Shuter (pictured) told Bloomberg.

In an interview, Shuter conceded the IPO was a “complicated process”, due to a high level of regulation, but said the project is “moving forward well”.

The South Africa-based company, which is the largest operator in Nigeria, faced scrutiny in the country after being hit with a $1.7 billion fine in 2015 for failing to disconnect unregistered subscribers, violating a security measure designed to crackdown on crime and terrorism.

MTN agreed to launch an IPO as part of its settlement with Nigerian regulators and met with the country’s Securities and Exchange Commission in November 2016 to discuss the process.

The company had said it would take “immediate steps” to list its shares on Nigeria’s stock exchange after settling the row in June, and an IPO was expected in 2017.

Shuter added he was pleased with MTN’s Nigerian business, MTN Group’s largest operation across a footprint of 22 countries.

In his comments to Bloomberg, Shuter also said the company would not “hold back” on expanding in its two other major markets: Iran and South Africa.

MTN counts almost 50 million customers in Iran, and Shuter said he would not be deterred in the country.

Economic sanctions against Iran were lifted in 2016 following a nuclear trade deal, but the terms have been met with objections from US President Donald Trump.

“We are putting a lot of investment into the ground in Irancell,” said Shuter: “There is a huge demand for mobile data there, it’s one of our fastest growing data markets. It is business as usual.”